Fino Payments Bank Appoints Rajat Kumar Jain as Part-Time Chairman Amid Digital Expansion
Three points you will get to know in this article:
- Fino Payments Bank Appoints Former Xerox and Walt Disney Executive as Part-Time Chairman
- Rajat Kumar Jain to Lead Fino Payments Bank’s Digital Growth Plans
- Fino Payments Bank Reports Strong Financial Performance in Q2 FY24.
Fino Payments Bank, headquartered in Mumbai, has secured the nod from the Reserve Bank of India (RBI) to appoint Rajat Kumar Jain, the former managing director of Xerox India and Walt Disney India, as its part-time chairman.
This significant appointment coincides with Fino Payments Bank’s strategic focus on digital expansion and targeted objectives for the upcoming phase, referred to as Fino 2.0.
Rajat Kumar Jain’s Background and Experience
A distinguished alumnus of IIT Delhi and IIM Ahmedabad, Jain brings a unique blend of corporate expertise and entrepreneurial spirit to his role. His diverse experience includes serving as a non-executive director on various boards, including those within the Aditya Birla and Mahindra conglomerates.
Fino Payments Bank’s Digital Growth Plans: Fino 2.0
Jain’s leadership comes at a pivotal juncture, as Fino Payments Bank navigates its path towards growth, embracing a vision that combines innovation and a commitment to customer-centric solutions.
Bringing forth an extensive wealth of leadership spanning over three decades within the realms of consumer, telecom, media, and technology sectors, Jain stands as the visionary founder director of PadUp Ventures. This innovative venture specializes in providing crucial support to early-stage tech startups through a comprehensive array of mentoring, incubation, and acceleration services, with a particular focus on the burgeoning field of fintech.
Expressing his enthusiasm for the upcoming journey, Jain shares, “I am thrilled to contribute to the bank’s trajectory in my role as the non-executive chairman of the board. This juncture marks a compelling phase for the bank as it undergoes a transformative shift into its new digital persona.”
Jain’s professional trajectory includes serving as the managing director and non-executive director at Xerox India from February 2012 to December 2017. Transitioning to a non-executive role on the board of directors at Xerox India from January 1, 2015, Jain’s impact was pivotal during his three-year tenure as managing director. He played a central role in steering and advancing Xerox’s business ventures within the Indian region, leaving an indelible mark on its growth and development.
Jain also took on the role of managing director and global senior vice president at Walt Disney India from July 2004 to June 2007. During this period, he spearheaded business and operations development in the Indian subcontinent, demonstrating his adept leadership by managing a high-performing team. His portfolio included expanding existing businesses, pursuing growth opportunities, optimizing working models, and adeptly representing the corporation to stakeholders in India.
Fino Payments Bank’s Financial Performance
Fino Payments Bank embarked on its operational journey in 2017, having secured an RBI license two years prior. In a competitive landscape alongside major players like Bharti Airtel and India Post, Fino has emerged as one of the nation’s most profitable payment banks.
Fino Payments Bank’s Transaction and User Base Expansion
The financial success of Fino Payments Bank is underscored by its consolidated profit after tax (PAT) of INR 19.5 Cr in Q2 FY24, showcasing an impressive 41.5% Year-over-Year growth. This remarkable performance is attributed to robust transactional activities and the expansion of its user base.
In Q2 FY24, Fino’s financial performance showcased a promising trajectory, revealing a Profit After Tax (PAT) of INR 13.8 Cr, a notable comparison to the preceding quarter’s INR 18.7 Cr, indicating a 4.3% sequential increase.
Fino Payments Bank’s Increased Digital Throughput and UPI Transactions
The revenue of the payments bank displayed a commendable YoY surge of 18.2%, reaching INR 358.6 Cr in Q2 FY24, compared to INR 303.3 Cr in the same period last fiscal year. Furthermore, there was a nearly 3% QoQ uptick from INR 348.3 Cr in Q1 FY24.
During Q2 FY24, Fino achieved a substantial total throughput of INR 86,568 Cr, marking a significant 43% YoY growth. Impressively, digital throughput soared by 120% YoY, reaching INR 23,051 Cr and constituting 27% of the overall throughput.
Fino Payments Bank’s Customer Base and Digital Account Growth
The payments bank made a substantial impact in the UPI ecosystem, registering nearly 37 Cr transactions, contributing 1.25% to the overall count. With an expanding customer base approaching 90 Lakh, Fino added nearly 50,000 digital accounts, reaching a commendable total of 90.6 Lakh CASA accounts. These results underscore Fino’s dynamic presence and growth in the evolving financial landscape.
Fino Payments Bank has appointed Rajat Kumar Jain as its part-time chairman as it embarks on its digital growth plans, termed Fino 2.0. Jain, an industry veteran with leadership experience across various sectors, expressed excitement about the bank’s digital evolution. Fino Payments Bank has shown strong financial performance, with significant growth in profit after tax and revenue. In Q2 FY24, the bank recorded a substantial increase in digital throughput and UPI transactions, reflecting its growing customer base and digital account adoption.
